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<br />the City hereby further covenants and agrees to establish, main- <br />tain, collect and enforce a schedule of rates, fees, tolls and <br />charges for connection to and use of the waterworks system of the <br />City, which schedule shall be sufficient to assure that the <br />revenue thereby produced, together with the proceeds of general ad <br />valorem taxes and any other legally available funds, shall pay all <br />reasonable costs and expense's of operating and maintaining the <br />waterworks system and to pay the interest on and principal of the <br />bonds, herein authorized, promptly as the same become due and <br />payable, respectively. <br /> Section 6. Defeasance. When all principal, interest <br />and prior redemption premiums, if any, in connection with the <br />bonds hereby authorized have been duly paid, the pledge and lien <br />and all obligations hereunder shall thereby be discharged and the <br />bonds shall no longer be dE~emed to be outstanding within the <br />meaning of this Ordinance. r.['here shall be deemed to be such due <br />payment when the City has placed in escrow and in trust with a <br />commercial bank located within or without the State of Colorado, <br />and exercising trust powers, an amount sufficient (including the <br />known minimum yield from Fedler al Securities in which such amount <br />may be initially invested) to meet all requirements of principal, <br />interest and prior redemption premium, if any, as the same become <br />due to their final maturities or upon designated prior redemption <br />dates. The Federal Securities shall become due at or prior to the <br />respective times on which the proceeds thereof shall be needed, in <br />accordance with a schedule established and agreed upon between the <br />City and such bank at the time of the creation of the escrow, or <br />the Federal Securities sh all be subject to redemption at the <br />option of the holders thereof to assure such availability as so <br />needed to meet such schedule. The term "Federal Securities" <br />within the meaning of this section shall include only direct <br />obligations of, or obligations the prinicpal and interest of which <br />are unconditionally guaranteed by, the united States of America. <br /> Section 7. RepealE~r . All ordinances or parts thereof <br />in conflict with this Ordinance are hereby repealed. <br /> - 9 - <br />